Accounting period is the year of income

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End of attention

Taxable income is worked out for a period called an income year. To apply the Act, the statutory accounting period of a CFC is assumed to be an income year. The particular income year referred to in working out attributable income will be the income year of the attributable taxpayer in which the statutory accounting period ends.

Example 17

Assume you are working out the amount to be included in assessable income for the year ending 30 June 2003 and the statutory accounting period of the CFC ended on 30 September 2002. The attributable income of the CFC for that statutory accounting period is to be worked out in accordance with the provisions of the Act that applied for the year ended 30 June 2003.

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